Applying for a Home Loan in the Highly Competitive DFW Housing Market – CBS Dallas / Fort Worth
FORT WORTH (CBSDFW.COM) – If you don’t have a bag full of cash to buy your first or next home, you will most likely need a loan.
If you haven’t done this before, keep in mind that this is a multi-step process and documentation.
READ MORE: Dallas police recover gun used to kill Cash Geron, 4
If you’ve done it before, you should know that in this competitive DFW housing market, things have changed.
Supreme Lending’s Cory Martilla says to start off that there is a short list of documents that any potential borrower should have on hand.
“Pay stubs, W-2s, consistent two-year work history, any gap over six months needs to be closed,” Martilla said.
READ MORE: Solar Panels Completely Eliminating Some North Texans’ Electricity Bills
He said one of the biggest challenges right now is meeting the myriad demands of borrowers to quickly close a home so they can land their offer.
They can close a house and approve a loan in 15 days, but only if all the paperwork is done up front and not later in the process, as usual.
“We have learned that if we don’t control this stuff from the start, we will have complications in keeping our promise,” said Martilla.
Mortgage lenders report that the most common mistake made by first-time borrowers is not bringing the correct documents to verify income, assets, and credit.
NO MORE NEWS: Man found dead in Dallas golf course pond
The process usually begins with a loan application, pre-approval, conditional approval, underwriting, property appraisal, and finally your closing with the buyer and the title company.